HC Deb 12 July 1984 vol 63 cc632-3W
Mr. Ward

asked the Secretary of State for Trade and Industry whether he will now proceed with the flotation in the United States of America of the shares of INMOS.

Mr. Tebbit

The British Technology Group and INMOS, with my agreement, have been investigating various options for the disposal of the NEB's shares in INMOS. One of these possibilities was a public issue of shares in the United States of America. However, as my hon. Friend will know from my statement earlier today, Thorn-EMI and the British Technology Group have now reached agreement in principle to the purchase by Thorn-EMI of the NEB's shareholding in INMOS. I have given my consent to the disposal of the NEB shareholding on the terms described in my statement to the House. The proposal has the support of both the British Technology Group and the board of INMOS, who consider that the participation of Thorn-EMI will strengthen INMOS, and help it achieve its objectives.